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I've had the same thing happen to me. It's a pretty tough spot to be in, but I wouldn't lose sleep until you see tens-of-thousands of spam links...then you run the risk of being banned.
I had like 10000+ spam links to my site once and I didn't know what to do, but I noticed all of his CECash codes went to the same account. I called CECash, they looked up the spammer, threatened to pull his account without payment if he didn't stop, and next thing I knew all of the bad links were gone.
That is one way of going about it. Hope that helps.
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